6 ms·

You've been repeating this Tether stuff for a few years now. Still waiting for the collapse. I'm sure its coming any day now.

by darawk 6y ago

arcticbull 6y ago
Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Asset-backed commercial paper is another great example. [1] Head's up, btw, nobody's seen their CEO or CFO in about a year now haha. I'm going to screenshot this comment by the way for r/agedlikemilk :) [1] http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails-you-lose/ http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails...
- bb88 6y ago
  > Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. This. Specifically, it's worth noting that Madoff's scheme collapsed in the 2008 financial crisis when people were asking to pull money out of the fund. IOW it worked as long as Madoff could convince more and more people to put money in. When he could no longer make the redemptions, he was caught: > For years, Madoff had simply deposited investors' money in his business account at JPMorganChase and withdrew money from that account when they requested redemptions. He had scraped together just enough money to make a redemption payment on November 19. However, despite cash infusions from several longtime investors, by the week after Thanksgiving it was apparent that there was not enough money to even begin to meet the remaining requests. His Chase account had over $5.5 billion in mid-2008, but by late November was down to $234 million, a fraction of the outstanding redemptions. On December 3, he told longtime assistant Frank DiPascali, who had overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother about the fraud. https://en.wikipedia.org/wiki/Bernie_Madoff https://en.wikipedia.org/wiki/Bernie_Madoff
- darawk 6y ago
  > Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Madoff's scheme persisted because nobody knew about it. People have been writing articles claiming Tether is a fraud for many years now. The price even dipped a few times as a result. But then it went right back up. There's a reason for that, of course. And that reason is that arbitrageurs are arbitraging, because they can simply withdraw to USD. > I'm going to screenshot this comment by the way for r/agedlikemilk :) I'll be waiting :)
  - arcticbull 6y ago
    That’s surprisingly not true! People did know about it but didn’t really want to challenge the chairman of the NASDAQ (that was Madoff, to be clear). Just ask the persistently ignored whistleblower Harry Markopolos.
    - darawk 6y ago
      Ya, I know about that guy. But there's a big difference between a regulator ignoring one guy, and the general public ignoring all of the bad press about Tether. But time will tell. We should know in just a few days now. For what it's worth, I opened a short on Tether, just in case. It's trading above $1, so it's a free option right now.
    - darawk 6y ago
      Now that Jan 15 has come and passed are you going to admit maybe Tether isn't a scam, or are we kicking the can down the road to a later date?
mancerayder 6y ago
It was already in the crosshairs; the government had its eye on it (just one example: [1]), the press has been making bold claims about the naked money printing, its reputation along with Bitfinex soured, and yet here we are again. I have no strong opinion either way (although call me skeptical). I am baffled, however. 1 - https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company https://ag.ny.gov/press-release/2019/attorney-general-james-...
- arcticbull 6y ago
  That was two years and 22 billion dollars ago. Actually the current bull run began the day the tether folks were told they had until January 15th to provide evidence in one of their many ongoing proceedings. Circumstantial? Totally.
  - snayan 6y ago
    Can you provide a reference for this? (I believe you, I would just love to read more about it)
    - bb88 6y ago
      Google is (still) your friend. https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_tether_might_tank_the_crypto_market_on_jan/ https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_... https://coingeek.com/bitfinex-ny-attorney-general-extends-submission-deadline/ https://coingeek.com/bitfinex-ny-attorney-general-extends-su...
      - snayan 6y ago
        Oh got it. I guess the bull run is even more aggressive since the 15th, but it's been on a run for a lot longer than that imo. Thanks for the references, I get what you're saying now!

You've been repeating this Tether stuff for a few years now. Still waiting for the collapse. I'm sure its coming any day now.

by darawk 6y ago

You've been repeating this Tether stuff for a few years now. Still waiting for the collapse. I'm sure its coming any day now.

arcticbull 6y ago

Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Asset-backed commercial paper is another great example. [1] Head's up, btw, nobody's seen their CEO or CFO in about a year now haha. I'm going to screenshot this comment by the way for r/agedlikemilk :) [1] http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails-you-lose/ http://www.tr0lly.com/uncategorized/tether-heads-i-win-tails...

bb88 6y ago
> Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. This. Specifically, it's worth noting that Madoff's scheme collapsed in the 2008 financial crisis when people were asking to pull money out of the fund. IOW it worked as long as Madoff could convince more and more people to put money in. When he could no longer make the redemptions, he was caught: > For years, Madoff had simply deposited investors' money in his business account at JPMorganChase and withdrew money from that account when they requested redemptions. He had scraped together just enough money to make a redemption payment on November 19. However, despite cash infusions from several longtime investors, by the week after Thanksgiving it was apparent that there was not enough money to even begin to meet the remaining requests. His Chase account had over $5.5 billion in mid-2008, but by late November was down to $234 million, a fraction of the outstanding redemptions. On December 3, he told longtime assistant Frank DiPascali, who had overseen the fraudulent advisory business, that he was finished. On December 9, he told his brother about the fraud. https://en.wikipedia.org/wiki/Bernie_Madoff https://en.wikipedia.org/wiki/Bernie_Madoff
darawk 6y ago
> Always works until it doesn't. Madoff's scheme lasted 20 years and collected $50B, including many multi hundred million dollar checks from institutional investors. Madoff's scheme persisted because nobody knew about it. People have been writing articles claiming Tether is a fraud for many years now. The price even dipped a few times as a result. But then it went right back up. There's a reason for that, of course. And that reason is that arbitrageurs are arbitraging, because they can simply withdraw to USD. > I'm going to screenshot this comment by the way for r/agedlikemilk :) I'll be waiting :)
- arcticbull 6y ago
  That’s surprisingly not true! People did know about it but didn’t really want to challenge the chairman of the NASDAQ (that was Madoff, to be clear). Just ask the persistently ignored whistleblower Harry Markopolos.
  - darawk 6y ago
    Ya, I know about that guy. But there's a big difference between a regulator ignoring one guy, and the general public ignoring all of the bad press about Tether. But time will tell. We should know in just a few days now. For what it's worth, I opened a short on Tether, just in case. It's trading above $1, so it's a free option right now.
  - darawk 6y ago
    Now that Jan 15 has come and passed are you going to admit maybe Tether isn't a scam, or are we kicking the can down the road to a later date?

mancerayder 6y ago

It was already in the crosshairs; the government had its eye on it (just one example: [1]), the press has been making bold claims about the naked money printing, its reputation along with Bitfinex soured, and yet here we are again. I have no strong opinion either way (although call me skeptical). I am baffled, however. 1 - https://ag.ny.gov/press-release/2019/attorney-general-james-announces-court-order-against-crypto-currency-company https://ag.ny.gov/press-release/2019/attorney-general-james-...

arcticbull 6y ago
That was two years and 22 billion dollars ago. Actually the current bull run began the day the tether folks were told they had until January 15th to provide evidence in one of their many ongoing proceedings. Circumstantial? Totally.
- snayan 6y ago
  Can you provide a reference for this? (I believe you, I would just love to read more about it)
  - bb88 6y ago
    Google is (still) your friend. https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_tether_might_tank_the_crypto_market_on_jan/ https://www.reddit.com/r/CryptoCurrency/comments/ksdfne/why_... https://coingeek.com/bitfinex-ny-attorney-general-extends-submission-deadline/ https://coingeek.com/bitfinex-ny-attorney-general-extends-su...
    - snayan 6y ago
      Oh got it. I guess the bull run is even more aggressive since the 15th, but it's been on a run for a lot longer than that imo. Thanks for the references, I get what you're saying now!